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Madrona Venture Group CERTIFIED

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FIRM OVERVIEW: Medium Private VC founded in 1995 based out of Seattle, USA (US West)

FIRM DESCRIPTION: Madrona Venture Group funds innovative technology companies, primarily in the Northwest. We fund the passion behind an idea. We fund the potential of that idea to revolutionize the way people work, live or play. In every case, we fund not only with money, but with time, resources and unbridled enthusiasm for all that goes into taking a company from idea to market success. We have a long track record (30 startup exits and counting) of funding success stories, and we have a history of working with the same entrepreneurs on their new ventures. Return on investment matters (of course) but lasting return on relationships matters, too.

Posted by
susan.rits
on 2012-05-03

PUBLIC:

I pitched this VC last year and found them less than informed about our industry (television advertising) and our business (mCommerce). I don't remember who we pitched to, but he made a a lot of naive comments like "do people really want to buy something they see on TV?" and "I don't think mobile commerce is likely to catch on." I think most ad agencies would dissolve in a fit of giggles by these questions. Unfortunately, at the time I was not so amused. Our company is a technology-driven television ad agency that makes mCommerce companion apps for TV shows.

Posted by
daveschappell
on 2010-11-24

PUBLIC:

Madrona made a very rapid investment decision with my first startup (as founder/CEO). In hindsight, they took a huge risk on me and the team, based on our reputation, and feedback from people who worked with us. The market size was hard to pinpoint, and yet they believed in the team, gave a fair and fast term sheet, and have been incredibly hands-on with me, which has been greatly-needed, as many of the growing pains as a first-time CEO were exhibited over the first 2-3 years.

They continue to add value in myriad ways (introductions, negotiations, hiring) and I'd highly recommend them to early-stage entrepreneurs.

Posted by
How_Matters
on 2010-10-06

PUBLIC:

I was introduced to Matt through mutual aquaintances. Met with him at the Madrona offices. He arrived late, seemed rushed, but quickly composed himself and seemed engaged. The conversation was fine; nice enough fellow. Demo'ed the product and despite clear positioning (and real customer and sales examples) of our product designed and built and being sold as b2c mass market, he kept making suggestions about fine-tuning our model (raise pricing, offer consulting services) that were appropriate only for enterprise b2b approach. He asked for the slide deck (we hadn't gone through it all) and said he would get back in touch.

Two months later... got an email from him apologizing for the delay and saying it wasn't a fit for Madrona right now. Unfortunately, he didn't provide any reasons or helpful feedback or suggestions - I like to learn how to do better. It's also good to know if "right now" meant to check back under certain circumstances or if they just weren't interested in the space/team. But at least we got a (belated) definitive answer. Follow-up email to him later got no response.